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Council authorizes pre‑issuance spending up to $28.5 million for second high school; debt service set to school millage
Summary
The council approved a resolution allowing the city to make expenditures for design and construction of a second high school up to about $28.5 million before issuing bonds; officials said the city will reimburse those expenses with later debt issuance and that debt service will be paid from the school district's 16‑mill property tax.
On Feb. 4 the Auburn City Council authorized the city to incur expenditures, and later reimburse them through one or more series of tax‑exempt general obligation bonds or warrants, for capital improvements related to a planned second high school. The principal amount was stated as not to exceed approximately $28,500,000.
City staff explained that the city…
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